OPEC and Strategic Questions in the Oil Market

Abstract

The massive expansion of shale oil extraction in the US marked the beginning of a global glut in the petroleum markets. According to Severin Fischer, this is just one of many factors raising the pressure on OPEC and other oil producers. So, how has OPEC responded to the growing supply of relatively cheap oil? In this article, Fischer responds and identifies two possible future trajectories for the global oil market.